22 Questions
On what date did John Wilkes Booth assassinate President Abraham Lincoln?
April 14, 1865
What was the role played by Laura Keene in the play Our American Cousin?
Florence Trenchard
What was the significance of April 10, 1865, in the context of the Civil War?
Surrender of the Army of Northern Virginia
What was the main provision of the Homestead Act of 1862?
Anyone over 21 can obtain a quarter section of land
What was required of Homesteaders to prove the land?
Put in a crop
What was the ultimate outcome of the Homestead Act after five years?
The Homesteader was granted title
What was Lincoln aware of, besides land being a form of capital?
Money and credit, as well as the dangers of a reserve currency backed by government debt
Why did Lincoln give Chase a free hand in raising money?
To win the war
What did Lincoln understand about the financial system?
It limited people to past savings as the source of financing for economic development
What did Lincoln plan to do if he lived?
Extend the provisions of the Homestead Act to the industrial and commercial frontier
What was the consequence of John Wilkes Booth's action?
The dreams of future generations for a life consistent with the founding principles of the United States were laid to rest
What was Lincoln according to the passage?
One of the greatest leaders America has ever seen
What was a common abuse of the Homestead Act?
Operators of large ranches filing claims on water sources
What was one of the two major problems with the Homestead Act?
It only covered a single type of capital
What was the problem with the land itself in the Homestead Act?
It was often unsuitable for agriculture
What was the major cause of the 'Dustbowl' of the 1930s?
Failure to employ capital properly
What was the limitation of financing for development of homesteads and smaller businesses?
Limited to the supply of existing savings
How was the Civil War initially financed?
With debt
What was the effect of the National Bank Notes introduced under the National Banking Act of 1863?
They were backed by government debt
What was the typical financing available for most Homesteaders and small businesses?
Mortgage loan with a balloon payment
What was the consequence of missing a single interest payment for Homesteaders?
The loan would be called, and the owner would lose the land
Why were large ranchers and big business able to finance development easily?
They had access to European seed money
Study Notes
The Assassination of President Abraham Lincoln
- On April 14, 1865, John Wilkes Booth, a pro-slavery Confederate sympathizer, shot and mortally wounded President Abraham Lincoln at Ford's Theater in Washington, DC.
- Lincoln's assassination occurred four days after the surrender of the Army of Northern Virginia under Robert E. Lee.
The Homestead Act of 1862
- The Homestead Act allowed anyone over 21 and a US citizen or intending to become a citizen to obtain 160 acres of land on payment of a $6.00 filing fee.
- The homesteader was required to construct a 9x12 shelter, prove the land, and hold it for five years to receive title.
- The Act made no distinction regarding sex or race.
Abuses and Limitations of the Homestead Act
- Abuses of the Act included operators of large ranches having their hands file on water sources and then signing over title at the end of the five-year period.
- Homesteaders constructed shelters measuring 9x12 inches instead of the intended 9x12 feet.
- Underage candidates would write "21" on a piece of paper and put it in their shoes to claim they were over 21.
Problems with the Homestead Act
- The Act only covered a single type of capital (land) and that in limited supply.
- Prior claims to the land, such as those of Native Americans and holders of Spanish land grants, were often ignored.
- The land itself was sometimes unsuitable for agriculture, being better adapted for grazing.
Financing and Banking Issues
- Financing for development of homesteads and smaller businesses was limited to the supply of existing savings.
- Savings were being rapidly depleted to finance development and repay debts incurred during the Civil War.
- The Civil War had been initially financed with debt instead of increased taxes.
- The National Bank Notes and United States Notes were backed by government debt, leading to inflation.
- The only financing available for most Homesteaders and small businesses was a mortgage loan with interest-only during the term and a balloon payment of principal at the end.
Consequences and Implications
- Homesteaders often became virtual tenants-at-will on land to which they held legal title.
- Large ranchers, railroads, and other big business had no trouble financing development with bills of exchange with low rates of discount.
- Lincoln understood the weaknesses in the Homestead Act and the limitations of a financial system relying on past savings.
- Lincoln's assassination may have prevented the correction of the flaws in the banking and financial system and the extension of the Homestead Act to the industrial and commercial frontier.
Learn about the events surrounding the assassination of President Abraham Lincoln by John Wilkes Booth at Ford's Theater in Washington, DC. Discover the motives behind this tragic event and its impact on American history.
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